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Who We Are

Focus

M Street Capital is a Boston-based Registered Investment Advisor. Our mission is to deliver
the finest client centric, conflict-free-investment management advice in the industry. This
requires a primary focus on analyzing investments and financial markets, not selling
products. Today’s advisory landscape is often outsourced, wrapped, bundled, packaged
and sub-advised, typically delivering a “manage the managers” solution. We believe in an
approach rooted in analysis, not scalability.

Perspective

M Street Capital takes a global approach to investment management. In today’s interactive
world, investment plans must encompass international considerations, such as global
capital flows and liquidity, worldwide political change, economic-interdependencies, and
currency fluctuations. We believe this global perspective is necessary in designing
dynamic allocations that reflect these complexities in an ever-changing world. Managing
generational wealth today and in the future requires a firm understanding of why markets
and prices move.

Our goal is to bring exhaustive effort, analysis and execution to portfolio
construction and wealth management.

Defining Analytics

Our advice is the result of assimilating your needs with our investment and market analytics.
While successful investing often requires a combination of art and science the foundation
must be a strong process that enables prudent and opportunistic decision making on your
behalf. We strive to create asset allocations for our clients as opposed to finding clients for
our allocations.

Listen, work, execute

We formed M Street Capital to provide a considerably di erent wealth management
experience. We truly enjoy doing the work and analysis required to deliver on all your
financial needs today and in the future. We endeavor to organize and simplify your life by
delivering a remarkably vigilant and comprehensive wealth management experience.

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Thinking Outside the Box
How We Manage Your Assets

At M Street Capital, we utilize a two-tier approach to asset allocation.

Bonds

C

Stocks
mmodities
1) We Begin with a Client Allocation. urrency
Real Esta
The first step is developing a core asset Client
allocation, which is the result of the Allocation
information- gathering process that
assimilates your unique needs, aspirations, te Co
objectives, goals, Cash
behaviors, personalities and time horizons.

Market Allocation

2) We Optimize with a Bonds
Market Allocation
C
Next, we create and monitor our
market allocation. This allocation is a Stocks
current reflection of our analytical mmodities
process, which serves as an urrency
optimization tool for the core client Real Esta
allocation. Client
Allocation
We believe this tactical overlay leads
to a more dynamic and adaptive asset te Co
allocation, better equipped to meet Cash
challenges and embrace opportunity.

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Four-Tier Analytic Process:

The backbone of our investment methodology is our four-tier analytic process.

The desire to simplify and scale often leads our industry to focus on only one or possibly
two forms of investment analysis. The most common forms of analysis have been
fundamental analysis and technical analysis.

Our desire to better understand markets and improve our advisory capability leads us
to incorporate two additional forms of analysis generally ignored in the advisory
business: cyclical analysis and capital flow analysis.

We believe it is vital to understand economic and business cycles, as well as global
capital flows, when analyzing investments

l Flows Fundament

Capita

M

Analysis
al Analysisarket Allocatio

nClient
Allocation
Technica
l AnalysisAsset ClassesCyclical

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1. Fundamental Analysis:

Fundamental analysis is the most common form of research used to analyze investments.
At M Street Capital, we focus on using this form of analysis to help uncover potential
mispricing in securities. We use our independent platform along with new technologies to
compare, contrast, and aggregate the analytics of our favorite Wall Street analysts, mutual
fund managers, and hedge fund titans.

Warren Bu ett Dividend
Peter Lynch Income
Ben Graham

P/E P/B Fundamental Value
P/S PEG Analysis Growth
EBITA EPS

Debt Balance
Leverage Sheet
Income
Statement

2. Technical Analysis:

We believe technical analysis helps show where we have been and assess where we may
be going. Its relevance is validated by the overwhelming majority of global institutional
trading desks that incorporate the study of price to their trading platforms. At M Street
Capital, we use technical analysis as a pattern recognition tool that identifies trends in
motion. We also consider it as a framework for better understanding behavioral finance
and quantitative analysis

Resistance Technical Analysis

Moving OBV Stochastics
Average MACD A/D Line

Volume Support

5 Relative Strength

Price Channel
Analysis
-60 Day
-30 Day

Bollinger
Bands

Time

3. Market Cycles Analysis

At M Street Capital, we view market cycles as more than simply the concept of history
repeating itself. There is evidence of cycles existing in nature, geology, weather, mathematics
and physics. We believe cycles can also be found in business, economics, and varying asset
classes. Our objective in studying cycles is to uncover relationships and patterns that help
us better understand market behavior today. While the strength and duration of cycles
di er, their rhythms provide a sense of time and space, enabling us to be more patient and
rational when evaluating opportunities and risks.

Dow Jones Equity Cycle

Up Markets
Sideways or Down Markets

Market Performance

21 years 8 years 17 years 20 years 16 years 19 years 10 years
2014
1902

4. Global Capital Flow Analysis

At M Street Capital, we believe understanding where and why capital is moving around the
globe is paramount to understanding market movements. Capital flows globally, to di erent
countries and asset classes, based on currency fluctuations, fear, greed, risk, reward, and
opportunity. Assessing and tracking this flow provide insight that is often not discernable
when just viewing the fundamentals.

Bonds Confidence

Currencies

Supply/ Equities Debt
Demand Inflation/Deflation Private vs Sovereign

Velocity Real Estate

World Reserve
Currency (USD)

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Client Allocation + Market Allocation
= Optimized Client Portfolio

Client Data Gathering

Security Selection Asset Allocation

Technical Fundamental Diversification Deep Study
Analysis Analysis of Economic
and Market

History

Charting Valuation Ratios Correlation Study
Of Market/
Pattern Intrinsic Value Current
Recognition Market/ Business
Dividend Economic Cycles
Moving Analysis Conditions
Averages Study of
Historical Behavioral
Trend Lines Valuations Economics and
Quantitative
Channel Analysis Management
Quality Analysis
Momentum
Indicators Global Valuation

Client Allocation

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Market Data

Fundamental Technical Capital Flow Cyclical
Analysis Analysis Analysis Analysis

Market Allocation

Client
Allocation
Market Allocation

Optimized Client Portfolio

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Allocation The M Street Capital Di erence:

Security Standard Portfolio
Selection
Traditional allocations are often static and
Volatility under-diversified. Correlation assumptions
are accepted as fact, and the time frames
used to support the data are often too
short to o er any future reliability.
Allocations are often based primarily on
answers to a risk tolerance questionnaire
signaling what percentage of stocks and
bonds you should own in the future.

Buy, sell, hold recommendations dictate
the inclusion in or exclusion from an
investment portfolio. Mutual funds are
chosen based only on Morningstar fund
ratings, while stocks are often selected
based on a single firm’s analyst recom-
mendation. The inclusion of proprietary
products also clouds the selection
process.

Volatility equals risk in terms of portfolio
construction.

Market Returns are captured by simply
Timing maximizing time spent in the market.

Objectives Client objectives may be overshadowed by
firm objectives.
Objectives

Maintenance Portfolio changes are often reactionary,
Performance reflecting behavioral biases.

Performance is measured on a relative
return basis. One, three and five year
annualized performance figures are
standard.

Formula Choose from three to five standard
allocation templates.

Summary FIT CLIENT TO PORTFOLIO

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How we are di erent from other Advisory Teams.

M Street Capital Allocation

Our allocations are stress tested through
varying historical environments and time
frames, providing rigorous and meaningful
diversification benefits. We believe current
economic policy and global capital flows
a ect performance and correlations
moving forward. Ignoring these factors
may result in portfolios that don’t deliver
on their desired objectives.

We respect the merits of both fundamental Security
and technical analysis. The fundamental Selection
foundation of our security selection is
grounded in long-standing value investing
principles. We want our portfolios to be
anchored in a time-tested, stable strategy.
Technical analysis o ers assistance in terms
of security entry and exit points. Relative
strength and momentum- based strategies
have proven to be excellent shorter-term
overlays complementing our portfolio anchor.

Volatility is certainly a component of Volatility
risk, and managing it can yield benefits.
While volatility indeed represents
uncertainty, opportunities are often
born of uncertainties and market
dislocations. We seek to take advantage
of opportunities presented by volatility.

Assuming markets are always e cient Market
ignores market valuation, market cyclicality Timing
and human behavior. As the risk-reward
relationship varies, a better way of achieving
a consistent level of expected returns is to
adapt to changing market conditions.

We understand that every allocation must Objectives
ultimately be a reflection of your needs
and aspirations. Our job is to help you
navigate your journey, not ours.

We design dynamic portfolios that seek to Maintenance
compound in various market environments.

We focus on actual returns on your money. Performance
Annualized performance is incredibly
misleading, as it is not a representation of Formula
how your own portfolio may or may not Summary
have compounded.

Active and adaptive asset allocation + margin
of safety = long-term positive compounding.

FIT PORTFOLIO TO CLIENT

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Planning and Retirement

M Street Capital believes that a thoughtfully The M Street Capital approach is
constructed financial and retirement plan different in three key ways:
should provide a valuable road map to
organizing and ultimately accomplishing all 1) We use the same care in choosing our
that is most important to you and your inputs (capital market assumptions) as
financial well-being. we do in our investment process. Simply
accepting software defaults based on
We want this plan to be a living and someone else’s historical data set is rarely
dynamic instrument that provides you with optimal when constructing forward-looking
a secure foundation from which you can plans
make future decisions. Accomplishing this
task is not easy, and we understand well 2) We prudently account for unknown or
that the integrity of any complex financial “tail-risk” events that may impact shorter
plan can only be maintained when the term outcomes, unlike many peers who rely
inputs are realistic. Unfortunately, we only on Monte Carlo simulations that do not
believe much of the software and fully account for such unforeseen scenarios.
assumptions utilized in today’s technology
do not reflect present “real-world” 3) We review and recalibrate when market
conditions. dynamics and personal circumstances
dictate. By taking the responsibility to
As is the case with most tools, if the inputs understand and manage the many variables
are flawed, the outputs are often less than present in your plan, we can o er you the
reliable. greatest confidence in achieving financial
success as you define it.

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Our Core Commitments

1) Listening 3) Innovative and adaptive
portfolio design
M Street Capital is committed to listening
before constructing or formalizing any Your needs are evolving, varied and
investment plan, and client collaboration distinct. Your portfolio design must be able
during this process is extremely valued and to adapt and reflect this reality.
honored. This may sound trite, but we
believe it is vital to a lasting partnership. 4) Exclusivity

We feel ongoing communication is a staple We are a small, independent firm specializing
in a great relationship. Clients are strongly in investment management. We are so
encouraged to call with questions and passionate about empowering clients that
concerns, even after business hours. We we limit the number of relationships we
make ourselves available around the clock, take on.
regardless of how big or small your issue
might be. 5) Teaching the next generation

2) Goal-focused execution We are dedicated to our craft and committed
to teaching the next generation what we
Many advisors believe that great returns have learned and continue to learn.
are captured by maximizing time spent in
the market. Our research and experience We encourage our family clients to engage
show that missing the worst days of market their children. We set aside time to teach
performance is more important than and answer all questions their children may
capturing the best ones. We are advocates have with regard to investing and planning.
of keeping a margin of safety that allows 6) Best practice
you to be opportunistic in any market
environment. We strive to provide focused and meaningful
advice. Our service model is designed to
meet your individual requirements.

Our core beliefs and operating guidelines Focus on actual return outcomes,
not annualized returns.
Be kind. Respect the mean while understanding
Work solely for the benefit of our we often operate outside that mean.
client. Remove emotion and bias from the
Innovate, research, fact-check. decision-making process.
Understand what you can and cannot Take advantage of the greed and fear
control. that is present in the market.
Always ask why. Verify the data. Saving can be more important than
Learn from mistakes. investing.
Always keep a margin of safety. Patience is an asset, not a liability.

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Tying It All Together

Managing your finances can be complicated and time consuming. We seek to simplify
where appropriate, coordinate as necessary and streamline the management of your assets
and liabilities. We strive to address your current and future concerns e ectively, so that
you are able to live the life you have dreamed of.

To that end, we o er an extensive array of services including:

Investment Management Wealth Transfer and Estate Planning
Asset Allocation (in-house and coordinating with
Portfolio Construction outside counsel)
Portfolio Maintenance
Estate Planning
Planning (in-house) Trust Coordination
Financial Planning Charitable Giving
Retirement Planning Succession Planning
Risk Management and Asset Protection
Executive Compensation Tax Services (coordinating with
Concentrated Stock Options outside experts)

Family Administration (in-house and Tax Planning
coordinating with outside counsel) Tax Preparation

Family Governance UNHWI Portfolio Consulting
Generation Planning Complete Analysis of Existing
Investments, Allocations and Fees

At M Street Capital, we believe there is a better way to manage your assets
and exceed your expectations. We want to partner with clients who share

our passion for excellence.

We invite you to find out more about M Street Capital. For more information,
or to discuss your situation, please call us at 857.233.5383

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109 State Street Suite 302 Ph. 857-233-5383
Boston, MA O2109 Fax. 857-233-4683